Top 10 News Stories of April’s Last Week

Updated 5/2/2025 9:00:00 AM

Arab Finance: The last week of April ended with key economic deals and announcements, topped by Egypt assuming the chairmanship of the African Continental Free Trade Area (AfCFTA) Council of Ministers.

Here is the wrap-up of the week's top news stories:

1- Egypt assumes chairmanship of AfCFTA council of ministers

Egypt has officially assumed the chairmanship of the African Continental Free Trade Area (AfCFTA) Council of Ministers, succeeding Tanzania.

2- World Bank upgrades Egypt’s FY2024/25 GDP growth forecast to 3.8%

The World Bank has raised its forecast for Egypt’s real gross domestic product (GDP) growth for fiscal year (FY) 2024/2025 by 0.3% to 3.8%.

3- Trump calls for free passage of US ships through Panama, Suez Canals

US President Donald Trump proposed that American military and commercial ships be granted free passage through both the Panama Canal and the Egyptian Suez Canal, as reported by Reuters.

4- FRA reports EGP 118.5B in financing via capital market, non-banking finance activities end-February

Financing provided by the capital market and non-banking financing activities in Egypt totaled EGP 118.5 billion by the end of February, according to a report issued by the Financial Regulatory Authority (FRA).

5- Egypt approves formation of national council for health tourism

The cabinet has approved a draft decision by Prime Minister Mostafa Madbouly on the establishment of the National Council for Health Tourism, to be chaired by the Deputy Prime Minister for Human Development.

6- TMG Holding in talks for new mixed-use development in Iraq

Talaat Moustafa Group (TMG Holding) reached an advanced stage of negotiations with the National Investment Commission (NIC) of Iraq to develop a new sustainable mixed-use project spanning 14 million square meters.

7- Massoud Steel inks EGP 965M project in Sokhna Industrial Zone

The Chairman of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien has witnessed the signing of a contract for Massoud Steel Company's metal containers project in the Sokhna Industrial Zone.

8- EGAS, ExxonMobil sign MoU to apply new production-sharing model in Mediterranean

The Egyptian Natural Gas Holding Company (EGAS) has inked a memorandum of understanding (MoU) with ExxonMobil Egypt Upstream Limited to apply a new production-sharing system in the petroleum sector, tied to the latter's ongoing exploration activities in two Mediterranean blocks.

9- SCZone pens $25M contract with India’s Willow Ferro to build metal plant in Sinai

The General Authority for the Suez Canal Economic Zone (SCZone) has signed a $25 million contract with Indian firm Willow Ferro to establish a metal industries project in the Technology Valley, located east of Ismailia in Sinai.

10- Egypt signs EGP 17B agreement to establish 2 recycling-based fiber plants

Prime Minister Mostafa Madbouly has witnessed the signing of a shareholders' agreement to establish two companies for the production of polyester fiber and synthetic felt by recycling plastic and textile waste, as part of Egypt’s push toward a green economy and industrial sustainability.